Nigeria's forex market experiences a notable shift as the Naira strengthens against the dollar, reaching N1,490 at parallel markets. Traders in Lagos report buying rates at N1,450 and selling at N1,490, marking a 1.34% increase from previous rates. Stay updated on economic fluctuations for informed decision-making.
The Nigerian Naira continues its upward trajectory, appreciating to N1,490 per dollar in the parallel market, marking a significant 1.34 percent increase from the N1,510/$ recorded just days earlier.
Currency traders in Lagos quoted buying rates at N1,450 and selling prices at N1,490, indicating a profit margin of N40. Meanwhile, at the official exchange market, the naira appreciated by an impressive 1.93 percent to N1,468.99/$ on Monday, up from N1,497.33/$ traded previously.
Amidst this positive development, Agora Policy, an Abuja-based think tank, has urged the Nigerian government to implement measures to enhance dollar liquidity, including eurobond issuance, asset sales, and engagement with multilateral agencies. They emphasize the importance of restoring organic dollar flows from oil exports to address economic challenges effectively.
Additionally, Agora Policy suggests that monetary policy should balance exchange rate stability and non-mineral export competitiveness to ensure sustained growth in Nigeria's economy. For more insights and updates on Nigeria's foreign exchange market, stay tuned
